Mortgages and coronavirus: FCA’s Tailored Support Guidance for firms

Close up of an old, red brick, terraced, British house.

CAP has responded to a consultation from the Financial Conduct Authority (FCA) asking for comments on new guidance for mortgage firms. From 1 April firms will no longer be expected not to enforce mortgage repossessions. Until now the financial services’ response to coronavirus has been in step with the wider Government measures, and this date will mark a divergence of the two. As such, CAP has recommended that it would be more appropriate to delay the recommencement of repossessions until public health restrictions have been lifted. Payment deferrals will also no longer be available to new applicants with Tailored Support Guidance in place. CAP has provided comments on this new guidance which is a valuable addition to the existing guidance for firms in the Mortgage Conduct of Business (MCOB) rules. Read our full response below.